What is a framework for innovation? What is the growth strategy?
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From the “Idea phase” into the “Invention phase”

From the “Idea phase” into the “Invention phase”

Inspiration can be found anywhere if you look around and be open to it. Ideas are relatively easy to come. “Sit-at-tea-discussions”, which are now given a fancy term “brainstorming sessions” generate wonderful ideas. It takes a lot of knowledge, time, money and efforts to refine an idea into an invention.

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But How do you begin with the idea process? First of all discover a problem. Take out a sheet of paper and write down whatever comes to your mind related to the problem; it doesn’t necessarily make sense and try to come up with a solution to the problem you just discovered. Only after you organize your initial idea, the actual design and development of your product will begin.

Turning an idea into  an invention — it takes lot of efforts and luck to launch a product into, and get that product accepted by, the marketplace. There are substantial barriers in the path of those who pursue innovation. Overcoming those barriers and accomplishing the tasks require careful planning and input from others.

You can’t just take an idea, plunk it down and say “OK, this is it.” You will be defining and tweaking your idea constantly even during development and prototyping.

Entrepreneurship can be a tough and long journey, and the success of your idea may be doubted by many people, even your family and friends! But remain focused on the value that your invention will deliver to your customers. You should be able to clearly explain the basic idea or concept behind your new product or service (in and out of the industry), have a prototype for demonstration of your new product or service, and you may seek professional advice to protect your intellectual property.

How will you determine if your idea will succeed?

One of the best ways to determine the success of your idea is to talk to people around, get customer feedback, before the complete development of the product/service and finalise your target market, pricing model and marketing strategy. Inorder to validate the entry of your product/service into the market carry out complete industrial trials for your product/service.

When you finally set out to launch your business, one of the most important trait you need as an entrepreneur is “Perseverance”. You’ll be told “no” many times but you’ve to move beyond the “no” and eventually, you’re going to get to a “yes.”

Understand that doing business isn’t a rocket science. No, it is definitely not easy to begin a business, but it’s not as complicated or as scary as many people think, either. It’s a step-by-step, common-sense procedure. So take one step at a time!!

 

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